SEC 13F Intelligence

Managers / Q3 2025 · view latest →

SANDS CAPITAL MANAGEMENT, LLC

CIK 0001020066 · SANDS CAPITAL MANAGEMENT, LLC, 1000 WILSON BLVD, SUITE 3000, ARLINGTON, VA, 22209 · 703-562-4000

Reported Value
$36.2B
Q3 2025
Positions
64
Filings on Record
33
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Sands Capital Management, LLC reported $36.2B in U.S.-listed holdings across 64 positions for Q3 2025.

Its largest position, NVDA, represents 10.7% of the portfolio.

Compared with Q2 2025, the fund opened 4 new positions and exited 6.

Portfolio Metrics

Turnover
+8.2%
vs prior filed quarter
Top-10 Concentration
+47.2%
share of reported value
Largest Position
+10.7%
Nvidia Corporation
New / Exited
4 / 6
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $28.0BQ4 ’18Q1 ’19: $32.4BQ2 ’19: $33.6BQ3 ’19: $31.1BQ4 ’19: $34.4BQ4 ’19Q1 ’20: $30.0BQ2 ’20: $41.3BQ3 ’20: $46.2BQ4 ’20: $105.0BQ4 ’20Q1 ’21: $51.7BQ2 ’21: $59.0BQ3 ’21: $60.0BQ4 ’21: $53.9BQ4 ’21Q1 ’22: $43.5BQ2 ’22: $28.9BQ3 ’22: $26.6BQ2 ’23: $32.2BQ2 ’23Q3 ’23: $29.4BQ4 ’23: $32.9BQ1 ’24: $35.8BQ2 ’24: $34.0BQ2 ’24Q3 ’24: $32.9BQ4 ’24: $33.8BQ1 ’25: $29.4BQ2 ’25: $34.8BQ2 ’25Q3 ’25: $36.2BQ4 ’25: $32.9BQ1 ’26: $25.5Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.5%ADR: 11.1%Other: 9.8%Tracking Stk: 0.6%
  • Common Stock · 78.5% · $28.5B
  • ADR · 11.1% · $4.0B
  • Other · 9.8% · $3.5B
  • Tracking Stk · 0.6% · $210M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ORCLORACLE CORPNEW+936.0K936.0K+$263M$263M
DUOLDUOLINGO INCNEW+47.7K47.7K+$15M$15M
ARGXARGENX SENEW+16.6K16.6K+$12M$12M
FIGFIGMA INCNEW+226.8K226.8K+$12M$12M
BLDRBUILDERS FIRSTSOURCE INCADDED+1.41M2.43M+$176M$295M
HDBHDFC BANK LTDADDED+3.31M6.19M−$10M$211M
RGENREPLIGEN CORPSOLD OUT−1.25M0−$156M$0
GOOGALPHABET INCSOLD OUT−603.4K0−$107M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM10.72%$3.9B20.83M
2TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS7.13%$2.6B9.25M
3AMZNAMAZON COM INChistory →COM5.10%$1.8B8.41M
4MSFTMICROSOFT CORPhistory →COM4.09%$1.5B2.87M
5VVISA INChistory →COM CL A3.79%$1.4B4.03M
6NFLXNETFLIX INChistory →COM3.71%$1.3B1.12M
7MLB1MERCADOLIBRE INChistory →COM3.29%$1.2B509.8K
8GOOGLALPHABET INChistory →CAP STK CL A3.20%$1.2B4.77M
9NOWSERVICENOW INChistory →COM3.16%$1.1B1.25M
10DASHDOORDASH INChistory →CL A3.02%$1.1B4.02M
11SPOTIFY TECHNOLOGY S ASHS2.98%$1.1B1.55M
12AXONAXON ENTERPRISE INChistory →COM2.86%$1.0B1.44M
13SHOPSHOPIFY INChistory →CL A SUB VTG SHS2.84%$1.0B6.94M
14METAMETA PLATFORMS INChistory →CL A2.81%$1.0B1.39M
15ICEINTERCONTINENTAL EXCHANGE INhistory →COM2.64%$957M5.68M
16SESEA LTDhistory →SPONSORD ADS2.41%$873M4.88M
17XYZBLOCK INChistory →CL A2.31%$839M11.60M
18NETCLOUDFLARE INChistory →CL A COM2.25%$817M3.81M
19NU HLDGS LTDORD SHS CL A2.23%$810M50.56M
20IOTSAMSARA INChistory →COM CL A2.11%$764M20.52M
21APPAPPLOVIN CORPhistory →COM CL A2.02%$731M1.02M
22AVGOBROADCOM INChistory →COM1.88%$680M2.06M
23CVNACARVANA COhistory →CL A1.76%$638M1.69M
24ISRGINTUITIVE SURGICAL INChistory →COM NEW1.65%$600M1.34M
25FLUTTER ENTMT PLCSHS1.49%$540M2.13M
26ASML HOLDING N VN Y REGISTRY SHS1.41%$512M529.2K
27RBLXROBLOX CORPhistory →CL A1.33%$482M3.48M
28TEAM1EURATLASSIAN CORPORATIONhistory →CL A1.16%$422M2.64M
29IRTCIRHYTHM TECHNOLOGIES INChistory →COM1.06%$385M2.24M
30CPNGCOUPANG INChistory →CL A0.98%$355M11.02M
31AJGGALLAGHER ARTHUR J & COhistory →COM0.93%$339M1.09M
32DC4DEXCOM INChistory →COM0.92%$332M4.93M
33BLDRBUILDERS FIRSTSOURCE INChistory →COM0.81%$295M2.43M
34ON HLDG AGNAMEN AKT A0.79%$287M6.77M
35CSLCARLISLE COS INChistory →COM0.77%$279M849.5K
36DDOGDATADOG INChistory →CL A COM0.74%$270M1.89M
37ORCLORACLE CORPhistory →COM0.73%$263M936.0K
38TTEKTETRA TECH INC NEWhistory →COM0.66%$240M7.18M
39HDBHDFC BANK LTDhistory →SPONSORED ADS0.58%$211M6.19M
40FWONKLIBERTY MEDIA CORP DELhistory →COM LBTY ONE S C0.58%$210M2.01M
41WCNWASTE CONNECTIONS INChistory →COM0.57%$208M1.18M
42ROPROPER TECHNOLOGIES INChistory →COM0.48%$175M351.8K
43KSPIKASPI KZ JSChistory →SPONSORED ADS0.37%$134M1.64M
44T7DTRANSDIGM GROUP INChistory →COM0.34%$123M93.3K
45FERRARI N VCOM0.34%$122M251.7K
46MCKMCKESSON CORPhistory →COM0.33%$121M157.1K
47SAPSAP SEhistory →SPON ADR0.32%$118M440.3K
48CDNSCADENCE DESIGN SYSTEM INChistory →COM0.32%$117M331.9K
49RAREULTRAGENYX PHARMACEUTICAL INhistory →COM0.31%$113M3.77M
50VGVENTURE GLOBAL INChistory →COM CL A0.29%$106M7.48M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$25.5B67May 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$32.9B66Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$36.2B64Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$34.8B66Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$29.4B75May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$33.8B71Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$32.9B67Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$34.0B66Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$35.8B76May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$32.9B74Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$29.4B75Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$32.2B66Aug 15, 202313F-HRchanges · EDGAR ↗
Q1 2023Under review66May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review67Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$26.6B67Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$28.9B69Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$43.5B68May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$53.9B71Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$60.0B71Nov 3, 202113F-HRchanges · EDGAR ↗
Q2 2021$59.0B80Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$51.7B77May 17, 2021RESTATEMENTchanges · EDGAR ↗
Q4 2020REVEALED$105.0B148Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$46.2B78Nov 17, 2020RESTATEMENTchanges · EDGAR ↗
Q2 2020$41.3B77Aug 11, 202013F-HRchanges · EDGAR ↗
Q1 2020$30.0B76May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$34.4B75Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$31.1B79Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$33.6B80Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$32.4B71May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$28.0B71Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.